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Jan 4
The phrase "Demand shall be bound to bear" is commonly found on cheques and is a legal requirement in many jurisdictions. It means that the person or entity issuing the cheque (the drawer) is responsible for ensuring that there are sufficient funds in their account to cover the amount written on the cheque. If the cheque is presented for payment and there are not enough funds, the bank has the right to refuse payment.
This phrase serves as a warning to the recipient of the cheque that they should not rely solely on the cheque as a guarantee of payment. It puts the onus on the drawer to ensure that they have enough funds to honor the cheque, and it protects the bank from any liability if the cheque bounces.
In summary, the phrase "Demand shall be bound to bear" on a cheque emphasizes the responsibility of the drawer to have sufficient funds and warns the recipient that the cheque may not be honored if there are insufficient funds.
This phrase serves as a warning to the recipient of the cheque that they should not rely solely on the cheque as a guarantee of payment. It puts the onus on the drawer to ensure that they have enough funds to honor the cheque, and it protects the bank from any liability if the cheque bounces.
In summary, the phrase "Demand shall be bound to bear" on a cheque emphasizes the responsibility of the drawer to have sufficient funds and warns the recipient that the cheque may not be honored if there are insufficient funds.
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